Shares of Tonbo Imaging India, a Bengaluru defense-electronics startup, traded at INR 1,267 on the National Stock Exchange on Nov. 2, according to exchange data compiled by Chittorgarh.com. That is about 81% above the INR 700 initial public offering price, by Capital Times' calculation. The rally follows an Oct. 23 debut at INR 1,160 on the NSE and INR 1,162 on BSE, a premium of roughly 66%.

For investors in Asia weighing India's new-economy listings, the deal shows where demand is deepest: institutions bid for nearly 294 times the shares set aside for them. The next venture-backed name is already cleared. India's Securities and Exchange Board issued its observation letter to fan maker Atomberg Technologies on Oct. 30, Inc42 reported, a clearance also reported by INDmoney, allowing it to launch an IPO that includes a fresh issue of up to INR 450 crore.

Tonbo Imaging IPO: Big Demand, No Money for the Company

Tonbo's INR 852.09 crore offering, open Oct. 15 to Oct. 19, was entirely an offer for sale of about 12.17 million existing shares, according to Business Standard's IPO page. The company itself raised nothing. The largest sellers were two CEAQ Technologies entities, which together sold shares worth about INR 640 crore, Chittorgarh.com data showed.

The three co-founders, Chief Executive Arvind Lakshmikumar, Ankit Kumar and Cecilia D'Souza, raised INR 137.2 crore between them, Inc42 reported, with Lakshmikumar accounting for INR 80.5 crore. The promoter group's stake fell to 14.56% from 18.58% before the issue, according to Outlook Money.

The book was covered 132.81 times overall, Outlook Money reported. Qualified institutional buyers bid for 293.56 times their portion, non-institutional investors 156.36 times and retail investors 31.11 times. (Inc42 put the overall figure at 135.9 times.) Ahead of the offer, 43 anchor investors including SBI Mutual Fund, Goldman Sachs and BlackRock took shares worth INR 255.4 crore, Inc42 said.

The first session was volatile. The stock touched INR 1,211 on the NSE and fell as low as INR 1,013.70 before closing at INR 1,133.80, about 62% above the issue price. Buying returned the next week. On Oct. 26 the shares hit INR 1,330.50 on the NSE, Kotak Neo reported, taking the market value above INR 7,000 crore. At the IPO price the company was valued at INR 4,009.75 crore.

The premium is notable because Tonbo's recent numbers have gone the wrong way. Total income fell about 22% to INR 369.94 crore in the year ended March 2026, and profit after tax dropped about 30% to INR 50.88 crore, according to figures in Outlook Money's report. In the June quarter, Tonbo posted a net loss of INR 17.74 crore on total income of INR 37.32 crore. The CEO attributed the annual revenue decline to delays in international programs that pushed deliveries into the current fiscal year, Inc42 reported.

Tonbo makes thermal imaging systems, weapon sights, fire-control systems and missile seekers. It keeps prototyping and testing in-house and outsources manufacturing to Kaynes Technology and Avalon Technology. Its first test as a listed company is close: the lock-in on half of the anchor shares ends Nov. 19, and the rest on Jan. 18, according to Chittorgarh.com.

Atomberg IPO Cleared After August Filing

Atomberg, founded in 2012 by Manoj Meena and joined by co-founder Sibabrata Das in 2013, filed its draft prospectus in August. The plan pairs the fresh issue with an offer for sale of 76.54 million shares, Business Today reported, with ICICI Securities, Avendus Capital and IIFL Capital Services as lead managers. Inc42 said selling shareholders include A91 Partners, Temasek Holdings and Inflexor Ventures.

The company is growing fast but still losing money. Revenue from operations rose 34.8% to INR 1,293.77 crore in the year to March 2026, while the consolidated net loss widened 26.8% to INR 148.9 crore, Inc42 reported. Business Today put adjusted EBITDA at INR 37.12 crore and online sales at INR 456.45 crore.

Of the fresh money, Atomberg plans to put INR 150 crore into brand awareness and performance marketing, INR 100 crore into research and development and INR 90 crore toward repaying borrowings, with the rest for general corporate purposes.

What the Pipeline Looks Like

The two companies test different sides of investor appetite. Tonbo offered a profitable annual track record, a defense theme and no dilution. Atomberg asks public investors to fund a loss-making consumer brand while early backers sell. That mix of fresh capital and secondary sales is how most Indian startups use the market to return money to venture investors.

Demand has held up through a busy October that also saw Reliance's Jio Platforms jump 27% on its debut. Atomberg received its clearance about two months after filing, Inc42 noted.

Atomberg has not announced a price band or offer dates. Tonbo's Nov. 19 anchor unlock is the next hard date for holders of the stock.